Romanian Govt Approves Norms To Apply Act Checking High Wealth Individuals

According to Muntean, the norms will be applied staring this year.

The Government decided last year that individuals whose real income exceeds their declared income by at least 50,000 lei (EUR1=RON4.1788) will pay 16% of the difference as tax.

According to the application norms, checkups will be carried out in stages and their results will determine the next course of action. Tax authority ANAF may ask public authorities or institutions for information or documents necessary to determine the individuals' real financial situation.

Sorin Blejnar, head of Romanian tax authority ANAF, said in February there would be a major investigation into high wealth in the second half of 2012, although some controls may be carried out in 2011.

According to the letter of intent agreed upon by the Government and the International Monetary Fund, the Romanian state office tasked with checking high net wealth individuals will be staffed by end-March and operational by August 2011.

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